The Solana price jumped 1% in the last 24 hours to trade at $197.81 as of 10:46 p.m. EST as investors slowly start to buy into the altcoin.
This uptick in the SOL price comes after Franklin Templeton, a US-based financial services company with $1.6 trillion worth of assets under management, announced on Feb. 12 that it launched its OnChain US Government Money Fund on the Solana blockchain.
Solana Price Rebounds From Support
4-hour chart for SOL/USD (Source: GeckoTerminal)
The Solana price rebounded from the $188.73 support in the last 12 hours and is now rising towards the closest resistance at $204.51, according to GeckoTerminal data . Should SOL break above the $204.51 barrier within the next 12 hours, it could have the technical foundation needed to continue ascending. This might lead to the crypto reaching as high as $224.79.
On the other hand, a rejection from the $204.51 resistance or a sudden selloff could invalidate the bullish thesis. In this alternative scenario, traders might start to short the Solana price, which could result in another test of the $188.73 support. Dropping below this technical safety net might then lead to SOL falling to $168.45.
Solana Price Technicals Showing Early Bullish Signs
From a technical perspective, indicators on SOL’s 4-hour chart suggest the Solana price might enter into a bullish phase and rally soon. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) hint at an upcoming bullish move.
In the last couple of hours, RSI values have risen from 40 to 46. Traders oftentimes see increasing RSI readings as a sign of growing buyer strength.
The RSI has, however, started to level off and slope negatively on the 4-hour chart in the last couple of hours, but has managed to print a higher high while the Solana price did not. This bullish divergence could be followed by a move towards the upside in the next few hours.
Meanwhile, the MACD line is rising towards the MACD Signal line. This narrowing gap and the two technical indicators’ current alignment with respect to each other might be interpreted as an indication that SOL’s negative trend is nearing its end.
Should the MACD line cross above the MACD Signal line, it could trigger a wave of long positions from traders. This potential buy pressure could then drive the Solana price towards the aforementioned $224.79 resistance.
As the Solana price tries to enter into a rally, investors continue to flock to Solana layer-2 project Solaxy (SOLX) for potential gains. 99Bitcoins, a popular YouTube channel with over 724K subscribers, says SOLX could soar 100X after its launch.
Solaxy Aims To Boost Solana’s Processing Capabilities
Solaxy is the first layer-2 scaling project for Solana, and is on a mission to boost the already-lightning-fast network’s transaction processing speeds. More than that, Solaxy aims to reduce the congestion on the Solana network that is the result of the ongoing hype around SOL-based meme coins.
With talks of a 2025 meme coin supercycle making the rounds in the market, Solana needs all the help it can get to prevent another outage. Solaxy, with its native layer-2 sidechain, will alleviate some of the computational stress on the Solana mainnet by processing a chunk of its transactions off of the layer-1 network.
By running in parallel to Solana, Solaxy’s chain will take over the transaction processing workload, bundle transactions together, and then submit them to the Solana layer-1 network for final verification and record keeping. This approach is similar to the one seen with Arbitrrum and Optimism, who both help the Ethereum network scale.
Speaking off, Solaxy will also bridge the Ethereum and Solana networks to create a new superpowered ecosystem that leverages both blockchains’ strengths. In doing so, Solaxy will position its SOLX token perfectly to become a primary transaction medium between two of the most prominent blockchains in the Web3 space.
Solaxy Presale Raises Over $20.2 Million – Best Crypto To Buy Now?
Solaxy has raised over $20.2 million through its blockbuster presale so far, signaling a lot of investor confidence in the project’s future.
Anyone that wants to get in on the ground stages of the project can do so by purchasing SOLX tokens through the easy-to-use widget embedded on Solaxy’s website. Currently selling for $0.001632, SOLX can be bought with both crypto or bank card. After acquiring some SOLX, investors can also stake their tokens for an attractive 201% APY.
Buy SOLX here before a presale price increase in 3 hours to lock in the best deal.
Related Articles:
- Bitcoin Meme Coin BTC Bull Token Surges Past $900K In Presale
- Pi Network Announces Official Mainnet Launch Date
- MIND of Pepe Presale Nears $6 Million
